Tesla Model 3: Elon Musk unveils the Model 3 to huge fanfare

The wait is over.

Elon Musk unveiled Tesla's latest electric vehicle, the sleek Model 3, Thursday night in front of a crowd of 800 people in Hawthorne and an enormous audience online via livestream.

Pre-orders for the electric vehicle -- envisioned as Tesla's first affordable electric car for the masses -- began Thursday morning in stores around the world and online starting at 7:30 p.m. Pacific time.